WIX - Wix.com Non-GAAP EPS of $0.91 revenue of $374.07M beats by $4.74M

2023-05-17 01:12:25 ET

• Wix.com press release ( NASDAQ: WIX ): Q1 Non-GAAP EPS of $0.91.
• Revenue of $374.07M (+9.5% Y/Y) beats by $4.74M .
• Creative Subscriptions revenue in the first quarter of 2023 was $278.1 million, up 9%  y/y
  • Creative Subscriptions ARR increased to $1.13 billion as of the end of the quarter, up 9% y/y
• Business Solutions revenue in the first quarter of 2023 was $95.9 million, up 11% y/y
  • Transaction revenue was $42.3 million, up 16% y/y
• Partners revenue in the first quarter of 2023 was $103.9 million, up 27% y/y
• Total bookings in the first quarter of 2023 were $414.9 million, up 6% y/y
• Creative Subscriptions bookings in the first quarter of 2023 were $313.4 million, up 5% y/y
• Business Solutions bookings in the first quarter of 2023 were $101.5 million, up 9% y/y

• We expect Q2 revenue to be $380 - $385 million, or 10 - 12% growth y/y.

• Due to our outperformance in Q1, we are increasing our full year outlook to $1,522 - $1,543 million or 10-11% y/y growth, an increase from our previous outlook of $1,510 - $1,535 million or 9 - 11% y/y growth.

  We are increasing our outlook for free cash flow, excluding HQ costs, for the year to $172 - $180 million, or 11 - 12% of revenue, and we expect to exit 2023 with a free cash flow margin of more than 13%. This compares to our previous free cash flow outlook of $152 - $162 million, or 10 - 11% of revenue and an exit rate of 12-13%.

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